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Monday, October 8, 2012

BoB cuts home loan rates by up to 150 bps

Bank of Baroda has announced up to 1.50 percentage points concession in interest rates on home loans of different tenures/amounts as part of its festival loan campaign.

During the campaign period, home loans of 25 years tenure of up to Rs 30 lakh, and above Rs 30 lakh will be available at 10.50 per cent (11.25 per cent earlier) and 10.75 per cent (12-12.25 per cent) respectively.

The campaign, which kicked off on October 1, will be on till November 30, 2012.

Customers can get car loans at 11.25 per cent (13 per cent earlier) for repayment up to five years and 11.75 per cent (13.50 per cent) for repayment between five and seven years.

If a customer is an existing home loan borrower of BoB, then he can get an additional concession of 0.25 percentage points on a car loan, said the bank in a statement.

Along with the concessions in home and car loan interest rates, BoB has also waived processing charges.

The public sector bank has also reduced rate of interest on personal/consumer loans from 17 per cent to 15 per cent.


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